Loans from U.S. Bank have competitive fixed rates so you can meet your financial goals.
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Not every bank offers its customers personal loans, but that doesn’t mean you won’t need one at some point in your life. Fortunately, U.S. Bank is one of the select few big banks that has a personal loan option. If you already have an account with U.S. Bank, compare your options to see if applying for a Premier Loan is a good option for you.
First, am I eligible?
To qualify for the best rates for a U.S. Bank Premier Loan, you must:
- Have excellent credit.
- Have a U.S. Bank Consumer Silver, Gold or Platinum Checking Package account.
- Have a verifiable source of income.
Applicants with lower credit scores may qualify, but you should expect a higher interest rate.
What is a U.S. Bank Premier Loan?
Personal loans are unsecured forms of credit that can help you make a large purchase. U.S. Bank offers loan amounts ranging from $3,000 to $25,000 and has terms that last between 12 to 48 months. Because these are bank loans, they come with competitive rates and no annual fee, but it will require that you meet more strenuous credit requirements.
Premier Loans do have quite a few fees, including an origination fee of $50 and a prepayment penalty of 1% if you choose to pay off your loan within the first year. You’ll also face a $29 NSF fee and a $29 late payment fee if you fail to make a timely payment on your loan balance.
Many borrowers tend to use U.S. Bank loans for similar reasons, including:
- Consolidate debt. Save money by gathering multiple debts into one lower monthly payment at rates as low as 6.99% APR.
- Improve your home. With a personal loan, you can fix that leaky roof, add on a new patio or upgrade your home’s heating system. You may even qualify for U.S. Bank’s 1% green home improvement discount.
- Make major purchases. You can use your loan funds to pay for a car, vacation, wedding or any large purchase.
Compare your other personal loan options
What is a U.S. Bank Premier Line of Credit?
If you need more flexibility in your spending and don’t want to take out a personal loan, you also have access to unsecured lines of credit up to $25,000. These allow you to pick and choose how much money you spend, and since they’re unsecured, you won’t need to provide any collateral. As of July 2018, the APR was set at 12.00%. However, it may vary from month to month based on the Prime Rate.
U.S. Bank makes it easy to access your funds, too. You can withdraw your funds from an ATM, at a branch or online, and U.S. Bank provides both Premier Line Access Checks and a Visa Access Card. There are no annual fees, and you’ll only be charged interest on the money you borrow.
What are the benefits of a U.S. Bank Premier Loan?
- Fixed rates. Monthly payments won’t fluctuate. You’ll pay the same amount every month, which makes budgeting for your loan a breeze.
- No home inspections or appraisals. If you’re looking to fund a home improvement, you can skip the requirements that come with a home loan.
- Quick process. Apply online, over the phone or at your local U.S. Bank branch through a process designed to get you the funds you need quickly.
- Unsecured. Personal loans are unsecured forms of credit. This means you won’t have to put up any collateral, which lowers your risks in case you’re unable to pay your loan and default.
What to watch out for
U.S. Bank offers convenience and speed to get you the funds you need, but you should consider a few factors before applying.
Although U.S. Bank advertises low rates, these are for members with exceptional credit and low debt-to-income ratios. If you don’t have great credit or are paying off previous debt, you may not qualify for the best rates.
Similarly, banks consider unsecured loans a riskier financial product than those secured by property, which could mean higher rates and payments. Keep this in mind when comparing a loan offer from U.S. Bank with offers from other lenders.
Am I eligible for a U.S. Bank Premier Loan?
To be eligible for a loan with U.S. Bank, you need to:
- Be a current U.S. Bank member. U.S. bank requires borrowers to have a Silver, Gold or Platinum account for at least 120 days before they can apply.
- Have excellent credit. Borrowers with a credit score of 760 or higher qualify for the lowest rates.
- Have a verifiable source of income. You must be able to provide proof of employment and other forms of personal income.
What information do I need to apply?
Apply for a personal loan online, over the phone or at your local U.S. Bank branch by providing personal and financial details that include:
- Your full name and contact information
- Your Social Security number and date of birth
- Proof of employment, such as W-2s and pay stubs
- Your monthly income and debt payments
- The total amount of your assets
I got the U.S. Bank Premier Loan. Now what?
Once you receive your loan funds, you should focus on creating a budget and making your monthly payments. You can repay your loan online, at a branch, by phone or through U.S. Bank’s mobile app.
U.S. Bank has an autopay system that can help you avoid late fees. Your payment will be automatically deducted from your bank account. This convenient option is great for people who don’t want to constantly remember payments and who know they’ll have the money in their account whenever they need.
A U.S. Bank Premier Loan can be an ideal way to pay for a big purchase or consolidate debt. With decently high loan amounts and reasonable terms, you may qualify for a good loan. But before you make your decision, compare your personal loan options. If you’re not a member of U.S. Bank or don’t have great credit, an online loan will likely be your best bet to secure the financing you need.
Frequently asked questions about U.S. Bank Premier Loans
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